Tilly's Time to Tinker

nellis10

MallyGirl wrote: »

sorry - a bit confused now. Do you have an additional 0% card or is the one you quoted at 16.9% actually on a 0% promo at the moment?
To pay off the loan with a CC you would need one that does money transfers - you can't balance transfer to a loan. Do you have one with a 0% deal on money transfers (for a 4% fee)?
If not then just stick absolutely everything you spend on the 0% and throw that money at the loan - the slow stooze method for migrating the loan onto the CC.

My current CC has a balance transfer for money transfers of 0% until April 2015. There is a 4% fee for this transfer as usual. Once the 0% is up, the money transfer amount is 20.4%, for retail purchases it is 16.9% which is what I am on with the outstanding £300 on it, which will be cleared within a month.

So my thought then is to use the 0% rate until April 2015 to pay as much as I can off the loan, and one that rate is up, transfer to another CC with a new 0% deal, as a CC balance Transfer.

My bank is desperate for me to get their CC so I should be able to get a good deal with a 0% BT when I need to.

Tixy

One thing to consider is how much debt you would be left with on a card when you come to try to remortgage.
Traditionally mortgage lenders would probably prefer a debt on a loan with a fixed repayment structure rather than on a credit card.
I don't know whether things will be the same with the new affordability assesment criteria that has just come in but it may be worth considering.

nellis10

Tixy wrote: »

One thing to consider is how much debt you would be left with on a card when you come to try to remortgage.
Traditionally mortgage lenders would probably prefer a debt on a loan with a fixed repayment structure rather than on a credit card.
I don't know whether things will be the same with the new affordability assesment criteria that has just come in but it may be worth considering.

Yes, that was my big concern too, paying off the loan regularly or lumping it all on the CC and showing what looks like a massive spend.

What I might do is see if I can start the remortgage process first, which I am trying to do now, and then start the transfer process thereafter, once a new balance transfer deal is sent to me.

nellis10

I wonder if a mod could move this to DFDiaries???
Thanks!